Tax Withholding Issues for Multiple Employers
Working for more than one employer, such as having a side job, can change your tax return more than you might expect. Filling out a W4 and determining your withholdings may not be as easy as you thought. ISSUE: When you work as an employee (vs. contract), your check has taxes taken out of it. It is a very common mistake to think that because there are taxes taken out, [...]
Accountant vs. Tax Preparer
You wouldn’t use a hammer to tighten a nut, would you? I also hope you don’t use a screwdriver to brush your teeth. For every task there are several different tools that we could use. Some are better than others, but there is usually one that stands out as the best solution. The best solution is achieved by maximum efficiency, best fit, ease of use, cost, or even knowledge. The [...]
Should I Pay Off My Home?
As a tax professional, this question is often asked by my clients. With the passing of the Tax Cuts and Jobs Act of 2017 and the first major overhaul to our tax code since 1986, I thought it might be helpful to take a new look at this old question. One of the first things to consider when looking at paying off your home is where will the money to [...]
The Most Important thing to Know Before Starting Your Own Business
You have a killer idea, or you’re really good at something, and you want to start a business. Did you know that according to the Small Business Administration (SBA), approximately 543,000 businesses are started every month, and more businesses shut down each month than start up? Many people start their own business because they determined they were good at something and could make a living doing it. However, I’d like [...]